Investment Objective/Strategy -The First Trust Dorsey Wright Momentum & Value ETF (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Dorsey Wright Momentum Plus Value Index (the "Index"). Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund's investment advisor seeks a correlation of 0.95 or better (before fees and expenses) between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Index is owned and was developed by Nasdaq, Inc. (the "Index Provider").

There can be no assurance that the Fund's investment objectives will be achieved.

The Dorsey Wright Momentum Plus Value Index is a rules-based equity
index that is designed to track the overall performance of the 50 most
undervalued stocks within the NASDAQ US Large Mid Cap Index that maintain
high levels of relative strength.

To construct the index, Dorsey, Wright & Associates (DWA) begins
with the eligible constituents of the NASDAQ US Large Mid Cap Index.

These eligible constituents are determined after meeting certain
criteria, including maintaining a minimum average daily dollar volume
of $1 million for the 30-day period prior to evaluation.

Each security is assigned a relative strength score based on its
forward price momentum compared to the momentum of a broad market
benchmark index. Securities that exhibit a minimum level of relative
strength are eligible for inclusion in the index.

Eligible securities are individually ranked on four "value" metrics:

Price-to-Sales Ratio

Price-to-Book Ratio

Price-to-Earnings Ratio

Price-to-Cash Flow Ratio

Each security is assigned a percentile rank for each of the four metrics
listed above, and a cumulative value score is then calculated for each security
by averaging the percentile scores for each of the value metrics.

The securities are then ranked based upon their value scores, and the top 50 securities
with the highest value scores are selected for inclusion in the index.

The securities are then weighted, with greater weights given to securities with higher value scores.

The index is reconstituted and rebalanced quarterly.

Fund Overview

Ticker

DVLU

Fund Type

Large Value

Investment Advisor

First Trust Advisors L.P.

Investor Servicing Agent

Brown Brothers Harriman

CUSIP

33741L207

ISIN

US33741L2079

Intraday NAV

DVLUIV

Fiscal Year-End

09/30

Exchange

Nasdaq

Inception

9/5/2018

Inception Price

$19.98

Inception NAV

$19.98

Rebalance Frequency

Quarterly

Expense Ratio

0.60%

Current Fund Data (as of 1/18/2019)

Closing NAV1

$17.13

Closing Share Price2

$17.10

Bid/Ask Midpoint

$17.13

Bid/Ask Premium

0.03%

Total Net Assets

$11,987,732

Outstanding Shares

700,002

Daily Volume

4,103

Average 30-Day Daily Volume

4,791

Closing Share Price 52-Week High/Low

$19.98 / $14.57

Closing NAV 52-Week High/Low

$19.98 / $14.44

Number of Holdings

49

Fund Characteristics (as of 12/31/2018)6

Maximum Market Cap.

$324,580

Median Market Cap.

$9,026

Minimum Market Cap.

$2,246

Price/Earnings

8.90

Price/Book

1.31

Price/Cash Flow

6.41

Price/Sales

0.86

Top Holdings (as of 1/18/2019)

Holding

Percent

Santander Consumer USA Holdings Inc.

3.38%

United Continental Holdings, Inc.

3.33%

Ally Financial Inc.

3.18%

OneMain Holdings, Inc.

3.16%

Syneos Health, Inc.

3.06%

Popular, Inc.

3.03%

Kohl's Corporation

2.97%

Navistar International Corporation

2.96%

Bank of America Corporation

2.87%

The Allstate Corporation

2.87%

Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 1/21/2019)3

$0.0870

30-Day SEC Yield (as of 12/31/2018)4

2.36%

Index Yield (as of 12/31/2018)5

2.18%

Bid/Ask Midpoint vs. NAV (as of 12/31/2018)

Number of Days Bid/Ask Midpoint Above NAV

Quarter Ended

0-49Basis Points

50-99Basis Points

100-199Basis Points

>=200Basis Points

12/31/2018

41

7

0

1

9/30/2018

17

0

0

0

Number of Days Bid/Ask Midpoint Below NAV

Quarter Ended

0-49Basis Points

50-99Basis Points

100-199Basis Points

>=200Basis Points

12/31/2018

13

0

1

0

9/30/2018

0

0

0

0

The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated.

Top Sector Exposure (as of 1/18/2019)

Financials

51.26%

Industrials

13.07%

Information Technology

8.04%

Health Care

6.98%

Consumer Discretionary

4.33%

Materials

4.26%

Energy

4.05%

Utilities

3.81%

Communication Services

2.86%

Consumer Staples

1.34%

Month End Performance (as of 12/31/2018)

3 Mos

YTD

1 Year

3 Year

5 Year

10 Year

SinceFundInception7

Fund Performance *

Net Asset Value (NAV)

-20.26%

N/A

N/A

N/A

N/A

N/A

-22.34%

After Tax Held

-20.44%

N/A

N/A

N/A

N/A

N/A

-22.51%

After Tax Sold

-12.00%

N/A

N/A

N/A

N/A

N/A

-13.22%

Market Price

-20.40%

N/A

N/A

N/A

N/A

N/A

-22.39%

Index Performance **

Dorsey Wright Momentum Plus Value Index

-20.23%

N/A

N/A

N/A

N/A

N/A

-22.26%

S&P 500 Index

-13.52%

N/A

N/A

N/A

N/A

N/A

-12.65%

Quarter End Performance (as of 12/31/2018)

3 Mos

YTD

1 Year

3 Year

5 Year

10 Year

SinceFundInception7

Fund Performance *

Net Asset Value (NAV)

-20.26%

N/A

N/A

N/A

N/A

N/A

-22.34%

After Tax Held

-20.44%

N/A

N/A

N/A

N/A

N/A

-22.51%

After Tax Sold

-12.00%

N/A

N/A

N/A

N/A

N/A

-13.22%

Market Price

-20.40%

N/A

N/A

N/A

N/A

N/A

-22.39%

Index Performance **

Dorsey Wright Momentum Plus Value Index

-20.23%

N/A

N/A

N/A

N/A

N/A

-22.26%

S&P 500 Index

-13.52%

N/A

N/A

N/A

N/A

N/A

-12.65%

*Performance data quoted represents past performance. Past performance is not a guarantee of future
results and current performance may be higher or lower than performance quoted. Investment returns
and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than
their original cost.

After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold.
After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns
do not represent the returns you would receive if you traded shares at other times. Market Price returns are
based on the midpoint of the bid/ask spread on the stock exchange on which shares of the fund are listed for
trading as of the time that the fund’s NAV is calculated. Returns are average annualized total returns, except
those for periods of less than one year, which are cumulative.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and
do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax
situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold
their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**Performance information for the Dorsey Wright Momentum Plus Value Index is for illustrative purposes only and does not represent actual fund performance.

Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.

S&P 500 Index - The Index is an unmanaged index of 500 stocks used to measure large-cap U.S. stock market performance.

Fund shares are purchased and sold on an exchange at their share price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).

3

Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.

4

The 30-day SEC yield is calculated by dividing the net investment income per share earned during the most recent 30-day period by the maximum offering price per share on the last day of the period and includes the effects of fee waivers and expense reimbursements, if applicable.

5

Index yield represents the weighted average trailing 12-month dividend of the constituents of the Dorsey Wright Momentum Plus Value Index.

6

All market capitalization numbers are in USD$ Millions.

7

Inception Date is 9/5/2018

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

ETF Characteristics

The fund lists and principally trades its shares on The Nasdaq Stock Market LLC.

The fund's return may not match the return of the Dorsey Wright Momentum Plus Value Index. Securities held by the fund will generally not be bought or sold in response to market fluctuations.

Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions.
Market prices may differ to some degree from the net asset value of the shares. Investors who sell fund shares may receive less than the share's net
asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be
redeemed directly from the fund by authorized participants, in very large creation/redemption units. If the fund's authorized participants are unable
to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at
a discount to the fund's net asset value and possibly face delisting.

Risk Considerations

The fund's shares will change in value, and you could lose money by investing in the fund. One of the principal risks of investing in the fund is market risk. Market risk is the risk that a particular stock owned by the fund, fund shares or stocks in general may fall in value. There can be no assurance that the fund's investment objective will be achieved.

The fund may invest in securities issued by companies concentrated in a particular industry or sector, which involves additional risks, including limited diversification. The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

The fund is not actively managed and generally will not attempt to take defensive positions in declining markets.

The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.

The fund currently have fewer assets than larger funds, and like other relatively new funds, large inflows and outflows may impact the fund's market exposure for limited periods of time.

The index employs a "momentum" style methodology that emphasizes selecting stocks that have had higher recent price performance compared to other stocks. Momentum can turn quickly and cause significant variation from other types of investments.

As the use of Internet technology has become more prevalent in the course of business, the fund has become more susceptible to potential operational risks through breaches in cyber security.

The fund is classified as "non-diversified" and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

First Trust Advisors L.P. is the adviser to the fund. First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P., the fund's distributor.

The fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the fund. The Corporations make no representation or warranty, express or implied to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly, or the ability of the indexes to track general stock performance.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.

First Trust Portfolios L.P. Member SIPC and FINRA.
First Trust Advisors L.P.